May 3, 2024
Antti Kaunonen, Interim CEO
Päivi Lindqvist, CFO
Content
- Q1/2024 highlights
- Market review
- Financial development
- Outlook 2024
Q1/2024
IN BRIEF
Q1 2024 in brief
- Good first quarter despite the challenging market environment
- The Architectural glass markets continued to slow down
- The good demand for pre-processing technologies in China continued
- Order intake was down 18% year-on-year mainly due to lower orders in tempering and pre-processing technologies
- Net sales were up 9% to EUR 55.8 million
- Comparable EBITA improved and was EUR 3.6 million, EBITA margin 6.4%
- New CEO appointed: Toni Laaksonen expected to join by end of September
4 | January−March 2024 | May 3, 2024 |
Market environment in Q1
EMEA | Americas | APAC | ||
- The overall slowdown in the
Architectural market continued with increasing uncertainty in Europe mainly due to higher financing costs. The customers' lower machinery utilization also affected investments
- The Automotive market continued to
be slow
- In Services markets, steady demand for spare parts and field services
- For Architectural, market activity was
slow
- Demand among residential glassprocessors slowed down, whereas
demand among commercial glass processors continued at a good level
- Positivemarket traction for Insulating Glass Technologies
- For Automotive, the market saw a slow
start to the year
- For Services, demand was modest
- For Architectural, the glass market continued to be soft
- In China, low demand for tempering
andlaminating equipment whereas demand for high-end Insulating Glass
Technologies was strong
• For Automotive, and China mainly, the
move to electric vehicles supported market growth
- In Services, demand for upgrades improved compared to the previous quarter
5 | January−March 2024 | May 3, 2024 |
Strategy
- New medium-term (3−5 years) timeframe for achieving the strategic targets
- The net sales and ROCE targets slightly updated
o Glaston expects annual average growth to exceed the addressable equipment markets' growth
o The updated target for comparable return on capital employed (ROCE) is above 16% - The target for the comparable operating margin (EBITA) of 10% unchanged
- No major changes for the Must-win projects and Cornerstone initiatives
- No lost-time accidents in Q1
6 | January−March 2024 | May 3, 2024 |
FINANCIAL DEVELOPMENT
New orders down by 18% compared to Q1 2023
Group orders received, MEUR and yoy%
Q3 2022 included one 31 MEUR order of which 19 MEUR was cancelled in Q2 2023.
86,2 | ||||||||||||
59,0 | -4% | -5% | -39% | 11% | ||||||||
56,2 | 56,9 | 57,6 | -18% | |||||||||
51,7 | 53,6 | 52,2 | ||||||||||
46,6 | ||||||||||||
Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024
8 | January−March 2024 | May 3, 2024 |
Q1 2024 orders received by product area,
MEUR and yoy%
-69%
3,8
2%
18,9
3%
16,9
-29%
6,8
Architectural Tempering and Laminating Technologies
Insulating Glass Technologies
Mobility, Display and Solar Technologies
Services
Unallocated and eliminations
Net sales grew strongly in Insulating Glass and Mobility, Display & Solar technologies
Group net sales, MEUR and yoy% | Q1 2024 net sales by product area, | ||||||||
70,0 | MEUR and yoy% | ||||||||
60,0 | -32% | ||||||||
-1% | 10,2 | ||||||||
50,0 | 17,8 | ||||||||
40,0 | |||||||||
35% | |||||||||
0% | 131% | 20,0 | |||||||
30,0 | 3% | 12% | 9% | 8,5 | |||||
59,8 | 59,7 | ||||||||
-2% | |||||||||
53,5 | 55,2 | 55,8 | |||||||
52,3 | 53,5 | ||||||||
51,3 | |||||||||
47,9 | |||||||||
20,0 | |||||||||
Architectural Tempering and Laminating Technologies | |||||||||
10,0 | Insulating Glass Technologies | ||||||||
Mobility, Display and Solar Technologies | |||||||||
Services | |||||||||
0,0 | Unallocated and eliminations | ||||||||
Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 | |||||||||
9 | January−March 2024 | May 3, 2024 |
Net sales grew in EMEA and especially APAC, Americas flat
Q1 2024 net sales by region MEUR, yoy% and share of total
EMEA | 49% | |
33% | 27.3 MEUR | |
Americas | +8% |
18% | |
18.5 MEUR | |
+0% | APAC |
10.1 MEUR | |
+34% |
10 | January−March 2024 | May 3, 2024 |
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Disclaimer
Glaston Oyj Abp published this content on 03 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2024 08:40:08 UTC.